Alice Braga

My take on insurance and financial needs

Pre-Existing Conditions And Life Insurance

While there are a lot of people that understand just how important life insurance is, there are some who do not realize just how devastating it can be for their loved ones to be left without a financial safety net upon their passing. There can be any sort of sudden illness or accident that can lead to an unexpected death, so it is always a good idea to hold a life insurance policy to give your loved ones financial security. If you happen to have a pre-existing health problem, you will want to look into your options so that you are not paying a high rate for your insurance coverage. Such pre-existing conditions can include asthma, cancer, heart disease or diabetes.

guaranteed issue life insurance policyThe good thing is that you can still have options when it comes to high risk life insurance policies. It is all a matter of finding the best rate and the coverage that you desire. By working with an insurance advisor, you should be able to find the best coverage regardless of whatever health condition you are dealing with. Whether you have been turned down in the past due to your health problems or you are worried about having to pay a high premium, the right advisor will be able to work with you to get a good rate that you can afford.

Getting a Life Insurance Policy with a Pre-Existing Condition

The major difference when it comes to impaired or high risk life insurance is that the client is able to be matched with a provider that works with the best coverage for any given health issue or you can opt for a guaranteed issue policy where you have no health questions at all. This actually takes away a lot of stress that would normally come along with insurance policies for those who have pre-existing health problems.

Insurance agents who represent your normal life insurance company will only offer the policies that are sold by whatever company that they work for. This means individuals that have health problems could pay more. This is why it is so important to find the right advisor who will shop around to get you the best rate for a high risk policy so that you can have great coverage.

Is Life Insurance Really Necessary?

Most people have plenty of monthly expenses already. They may wonder why they should add another bill to the mix by purchasing life insurance. It’s hard for some to justify buying a product they aren’t sure they’ll ever use when they have so many things they actually need that they cannot yet afford.

The fact is, though, that life insurance is a solid investment against potential financial ruin in the future for your family. If your family relies heavily on your income, what are they going to do when you’re suddenly not there to help provide for them? How will they pay for their essential daily needs like housing and groceries if you have not planned a supplemental source of income for them through a life insurance policy?

Not to be overlooked either is the high cost of funeral expenses. Where will your family come up with several thousand dollars to pay for your final expenses if they don’t have a life insurance policy to cover them? They may not be able to make the house payment because of paying for a funeral and end up losing the family home. A small monthly life insurance premium now can avoid a disastrous outcome like that in the future.

Once you are convinced that life insurance is a good idea and a necessity in your life, it’s time to start determining which kind of policy to purchase. The main thing you need to understand is that there is “term” life insurance and “whole” life insurance.  I found great resources on all types of life insurance at GoldSmithInsurance.com.  You should check there first to help with determining the type of life insurance that best suits you.

Since your premium goes up the higher your coverage goes, it’s important to make an accurate determination of how much life insurance you really need to purchase. Also, realize that a whole life insurance policy will cost more because you can tap into it before you die.

Other factors influencing your monthly premiums will be things like age and health of the insured. This is another reason deciding to purchase life insurance as early in your life as possible is important. The older you are and the more health conditions you have, the more expensive your premiums will become.

Don’t try to figure this all out on your own. Find an insurance agent you can trust, and have a conversation with them about your needs. They can help you determine the best policy for the needs of yourself and your family.

Traits Of No Medical Exam Life Insurance

What is a no exam life insurance policy? It is simply that, a life insurance policy that you can obtain without having to have a medical exam done prior to coverage beginning. While these policies are nice, they do come with a few drawbacks. Traditional insurance policies will typically require you to have a medical exam, and that physical form submitted before the underwriting process can be started.

One of the main drawbacks to the no exam life insurance policy is that you will probably pay higher premium rates than you would for a traditional policy. The more a potential insurer knows about your lifestyle and medical history, the more likely you are to receive the best possible premium rate for your policy. It is possible for you to pay as much as three times the premium price for your no exam policy as you would pay for a traditional policy.

One positive to the no medical exam policy is that you can usually obtain coverage much quicker than with the traditional policy. You will not have to wait for an exam to be scheduled and for the physical form to be submitted for coverage to begin. Usually you will be asked a series of medical questions on your application. Your policy will be decided on the answers to these questions.

As you can see, there are both positives and negatives to obtaining a no exam life insurance policy. It would be best for you to discuss your personal situation with an agent that deals in both traditional and no exam insurance policies. By doing so they can give you the best recommendations for you and your family. Insurance agents are there to help you get the best policy in the quickest amount of time. Use their expertise to benefit you.

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